Apple's Jobs sorry for iPhone price cut - East Valley Tribune: Business

Apple's Jobs sorry for iPhone price cut

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Posted: Thursday, September 6, 2007 2:50 pm | Updated: 8:08 pm, Fri Oct 7, 2011.

SAN JOSE, Calif. - Apple Inc. CEO Steve Jobs apologized and offered $100 credits Thursday to customers who shelled out $599 for the most advanced model of the iPhone, only to have the company unexpectedly slash the price $200 in a push to boost holiday sales.

In a letter on the company's Web site, Jobs acknowledged that Apple disappointed some of its customers by cutting the price of the iPhone's 8-gigabyte model and said he has received hundreds of e-mails complaining about the price cut.

But Jobs added that "the technology road is bumpy," and there will always be people who pay top dollar for the latest electronics but get angry later when the price drops.

Jobs said Apple will hand out $100 credits for Apple's retail and online stores to iPhone customers who aren't eligible for a rebate.

Customers who bought an iPhone within 14 days of the price cut can get a refund of the price difference if they have the original receipt.

The price cut - and the phaseout of the 4-gigabyte iPhone, which retailed for $499 - came less than 10 weeks after the two products hit the market June 29.

Apple's stock, after falling 5 percent on the news of Wednesday's announcements, fell another 1.3 percent Thursday to close at $135.01, or $1.75 lower than Wednesday's close.

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